Morning Commentary: New Ctrip.com slips; newer Restoration Hardware lower; Healthways shares slide

By Rebecca Melvin

New York, June 19 – Ctrip.com International Ltd.’s two new tranches of convertible bonds were flat to lower in active trade early Friday after the Shanghai-based travel services provider priced an upsized $1.1 billion of the senior notes at the midpoint and cheap end of talked terms.

The $700 million of Ctrip.com’s 1% convertibles due 2020, which priced at the midpoint of talked terms, were seen just over par at 100.125 and were also quoted at par, sources said.

The $400 million of Ctrip.com’s 1.99% convertibles due 2025, which priced at the cheap end of talk, slipped below par and were seen at 99.5 and then at 99.

Ctrip.com’s older 1.25% convertibles due 2018 were steady at 115.8, according to Trace data.

Ctrip.com shares were down about 2% at $73.27 on Friday.

Ctrip.com was initially expected to sell $1 billion of convertibles.

Restoration Hardware Holdings Inc.’s newer 0% convertibles traded a little lower on swap on Friday and were quoted at 99.5 versus an underlying share price of $95.90.

Restoration Hardware shares were last up fractionally at $96.19.

Healthways Inc.’s 1.5% convertibles due 2018 traded at 93.373, according to Trace data, after the Nashville-based health improvement company cut its revenue forecast to $770 million to $785 million from $800 million to $825 million.

Healthways shares fell $3.05, or 20%, to $12.45.

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